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The weekly charts

June 1st, 2009 · No Comments

Risising and rising, but we’ve already given our opinion on that…

The Weekly Report For June 1st – June 5th, 2009

May 31, 2009- Market Summary
The U.S. financial markets managed to finish higher for the third consecutive month despite the increasing fears of inflation. The story of the week was the sliding dollar, which helped push the price of several commodities higher. The price of silver saw the biggest monthly gain in 22 years, while oil prices dominated the headlines with a move above $66 per barrel for the first time since November. (For further reading, check out Play Foreign Currencies Against The U.S Dollar – And Win) Optimism around a potential recovery in the economy continues to fuel stock prices and the question remains whether it will be sustainable. As we mentioned in our previous report, the major indexes are flirting with the resistance of their respective 200-day moving averages. From a technical perspective, the nearby resistance could put the brakes on the recent rally
because it is used by many traders to determine the direction of the market. A new uptrend will not be confirmed until we see a break above these important barriers. (To learn more about levels of resistance, be sure to check out the Support And Resistance section of our Technical Analysis Tutorial.)

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Tags: Technical Analysis